Upaya Social Ventures Invests In Amounee, Empowering Rural Weavers And Artisans To Engage In Commerce Worldwide
Bangalore, India | March 7, 2024
Upaya Social Ventures, which provides investment and support to early-stage enterprises creating dignified jobs for people in extreme poverty, has announced its latest investment in Amounee, a digital marketplace that connects rural weavers and artisans to the global marketplace. Through its innovative mobile application, Amounee facilitates a direct connection between artisans and consumers and provides analytics and support to micro-entrepreneurs.
Amounee primarily operates in the traditional Indian wear market of hand-woven sarees. The company works with handloom weavers whose traditional art has been passed down through generations. These arts are at the risk of extinction due to lack of infrastructure and access to viable markets. Amounee bridges the gap between artisans and consumers looking for authentic, traditional craftsmanship.
“Amounee makes dignified livelihoods possible while preserving heritage skills.” Kate Cochran, Upaya’s CEO said. “Upaya looks forward to working with Amounee to help scale their business to deepen their impact. Their combination of technology with deep understanding of the needs of artists and the marketplace is a key differentiator in a space where many have tried.”
“Amounee is at the forefront of empowering artisans within the saree value chain amidst the ongoing technological disruptions in businesses. Upaya believes in providing artisans with cutting-edge technology to not only thrive in their craft but also seamlessly connect with the market. Our commitment is to support artisans in redefining their traditional crafts to align with the evolving demands of the modern consumer. We are thrilled by the exciting prospect of Amounee facilitating this transformative journey for artisans,” said AB Chakravarthy, India Country Director at Upaya.
Amounee was founded by Megha Das, a graduate of the National Institute of Fashion Technology (NIFT). She founded Amounee after witnessing the disparity between meager artisan earnings and market prices of finished products and recognizing the absence of a bridge between artisans and their potential markets. Megha aims to help artisans become micro-entrepreneurs and has developed a platform where master artisans are free to determine the price of their products, while her company, Amounee, helps with logistics and customer analytics.
“We are thrilled for our collaboration with Upaya, a formidable name in the social impact sector,” said Megha. “This partnership marks a significant step forward, and we eagerly anticipate reaching new heights together. By joining forces, we aim to not only grow exponentially but also create a lasting and meaningful impact and understand the business in the social sector which would help the entire community grow.”
Upaya is the first institutional investor to fund Amounee. The funds will be used to expand Amounee’s team of skilled professionals, bolster marketing efforts, invest in technology to streamline operations, and support working capital. Upaya team will work closely with Megha to support the company. Amounee is Upaya’s 39th investment in early-stage social enterprises dedicated to creating dignified jobs in India.
ABOUT UPAYA SOCIAL VENTURES:
Upaya Social Ventures is a nonprofit organization building an inclusive economy by providing investment and support to early-stage businesses creating dignified jobs for people living in the most extreme poverty.
Upaya’s award-winning, impact-first model seeks out and supports oft-overlooked companies creating work that is safe, stable, inclusive, and rewarding—generating a transformative impact on families, communities, and economies.
Since its founding in 2011, Upaya’s portfolio companies have created over 38,000 dignified jobs across India. Please visit upayasv.org for more information.
MEDIA CONTACT:
Madlin D’silva
mdsilva@upayasv.org